We visited Luosto in Jan 2006. The main purpose of the visit was to get married!
The skiing was limited to only a handful of slopes. The lifts are archaic compared to the Alps/Dolomites and it was very, very cold (down to -33).
However, the snow conditions were superb, with light, dry snow covering a good base. The slopes were virtually empty as well, meaning no queues. The locals invariably spoke good English and were incredibly friendly,
Apart from skiing, there is a variety of activities to keep you occupied. We went on reindeer sleighs, husky sledding, snow shoeing, snow mobiling, visited an Ice Castle and went on an Ice Breaker in the Baltic. During the week we were there, we could see the Aurora for 3 nights.
Accommodation was in log cabins in amongst the trees. Each cabin had a log fire and a sauna.
Living costs out there aren't cheap, but not too expensive, especially compared to major European resorts. Ski passes and hire were inexpensive.
Would we go again? Definitely.
Don't go for a skiing holiday - it's too limited. However, for a winter holiday above the Arctic Circle with some skiing thrown in, it can't be beat.